THE level of debt at the RFU has risen to such an extent that for the first time it has been required to give security in the form of assets to its bank to access further loans.
The Rugby Paper can reveal that as a result, the RFU, whose total level of debt pre-Covid rose from £131m in 2012 to £250m by 2019, appears to have lost a bank rating which was formerly considered to be of Triple A standing.
The security details are listed in a Financial Conduct Authority document held at their London office.
This shows that the RFU, which was not long ago considered to be the financial powerhouse...